Contact the Capital Market Authority and the Competition Authority to prevent the sale of Psagot to Altshuler Shaham, and also contact Altshuler itself
Apparently, the negotiations between Apax, which controls Psagot, and the sale of control to Altshuler Shaham, are more real than the previous negotiations for the sale of Psagot. This time, the Psagot workers’ committee intervenes and threatens to launch a labor dispute that was declared in March 2020.
Shlomi Logsi, Chairman of the Psagot Investment House Employees Committee, addressed the company’s employees yesterday and asked for their participation in the Zoom meeting, and wrote: “We all see the flow of articles and hear the conversations on the floors, it seems thatSelling peaks is almost a fait accompli. According to the publications and leaks, the direction is clear – merging Psagot and severely harming our employees. In the past week we acted on a variety of levels, and this morning a very clear message was sent to the Antitrust Commissioner and the Capital Market Commissioner: In the industry! … Remember that our workplace is all in danger! We owe it to you because this time we are completely fighting for the house! “
It was learned that the Psagot management will meet on Tuesday, January 26, with the workers’ committee. In a letter addressed to Psagot’s management, attorneys Kfir Zeev and Lihi Bachar of Kfir Zeev, a law firm, write in the absence of the workers’ committee: “Until the negotiations are exhausted and a collective agreement is not settled, all aspects concerning a possible purchase of the investment house or its merger, including “Maintaining the employment security of the employees and paying a sales grant, Psagot must refrain from signing any agreement with Altshuler Shaham.”
“If, despite the aforesaid, such an agreement is signed (with Altshuler Shaham or with any other third party), the workers ‘representation will act by virtue of the labor dispute declared in the company in March 2020,” warns the workers’ committee.
Preservation of workers’ rights
The workers’ committee also approached at the same time To the management of Altshuler Shaham He clarified: “In these circumstances, we found it appropriate to contact you and clarify again – in the light of the progress of the negotiations, that in any transaction, if any, you – must ensure that all the expected consequences of the transaction on Psagot employees are addressed, including maintaining employment and continued employment. The existing employees at Psagot today, a collective agreement will be signed that will regulate all aspects of the purchase deal that Altshuler Shaham will be a party to; Or the wings That their activities will be sold, not fired; The seniority and all the rights of the employees who will transfer to Altshuler Shaham will be preserved; An adjustment period will be given to employees who will move to work at Altshuler Shaham, during which it will not be possible to dismiss them; If necessary, a retirement plan will be built that includes optimal conditions for employees to be agreed that their employment will end; And other sections. ”
The Psagot Workers’ Committee also contacted the Capital Market Commissioner, Dr. Moshe Barkat, And asked him not to allow the merger: “We found it appropriate to contact you and clarify the position of the employees’ representative, according to which as long as an application for approval of the merger is submitted to the Capital Market, Insurance and Savings Authority – as long as no such application has been submitted so far. The merger, “it read. The lawyers Kfir Zeev and Lehi Bachar On behalf of the Psagot Workers ‘Committee, it is emphasized that, in the opinion of the workers’ representatives, maintaining Psagot’s independence is important for the healthy functioning of the capital market, insurance and savings in the State of Israel. “On the other hand, a merger may produce a body with disproportionate power in the capital market – especially in the provident fund, in a way that could hurt investors and savers. We will further emphasize that contrary to the thought that such a move would be good for investors and savers. It will be healthier and will prevent the use of the investment house in the face of investors and savers, “Barkat wrote in her address. The workers’ committee requests to appear before the commissioner before a decision is made.
A similar letter was also sent to the competition commissioner Adv. Michal Halperin It states that the move will severely hurt competition: “Due to the disappearance of a competitor and given the volume of assets managed by Altshuler Shaham. Facts and employees of Psagot Investment House are the only ones who can attest firsthand to the importance of maintaining Psagot as an independent investment house and the benefits of competition between the various investment houses. The workers in Israel today, “the workers’ committee wrote to Halperin.